Folino to Lantronix BoardMonday, June 11, 2012
Emulex Corp. Chairman Paul Folino has joined the board of Irvine-based networking equipment maker Lantronix Inc.
Folino, one of the better connected technology executives in Orange County, will chair Lantronix’s corporate governance committee and sit on the audit and compensation committees.
He is the first board member appointed under the recent chairmanship of Bernhard Bruscha, the company’s founder and largest shareholder who returned to the top board post in late May.
Bruscha—who founded Lantronix in 1989 and served as its chairman from June 1989 to May 2002—has pushed for management and board changes in the last year as the company struggled to achieve profitability.
Folino enters the mix after a series of restructuring moves and a management change at Lantronix. The company has been on a campaign to cut costs, lower inventory, identify growth opportunities and raise capital under Chief Executive Kurt Busch, who was hired last August with a mandate to return operations to profitability.
Lantronix makes electronic devices and software that allow secure online communication with medical equipment, security devices, smart phones, motor vehicles, meters and thermostats, retail terminals and ATMs.
Folino, 67, brings a wide-range of connections to Lantronix in more than 30 years of industry experience.
He served as Emulex chief executive from May 1993 to September 2006, when he became executive chairman, a post he held until November 2011.
During that tenure Folino grew Emulex into a dominant supplier of electronics for data storage networks while becoming one of county’s most engaged executives in arts, education and politics.
He also serves on the board of Aliso Viejo-based chipmaker Microsemi Corp., CoreLogic Inc., a Santa Ana data provider for lenders, large companies and government, and Costa Mesa-based Commercial Bank of California.
The appointment of Folino put Lantronix in compliance with the Nasdaq, which requires a public company’s audit committee to be comprised of at least three independent directors, the company said.
It became noncompliant last month when former Chairman Thomas Wittenschlaeger resigned.